Tag: Marketing

Virality

Should you pay people, or give them an incentive to share the word or refer a friend?

Chris Labs

People are happy to talk about companies and products they like, and millions of people do it for free every day, without prompting. BU as soon as you offer to pay people to refer other customers, any interest they had in doing it for free will disappear. Customers’ decisions to share or not will no longer be based on how much they like a product or service. Instead, the quality and quantity of buzz will be proportional to the money they receive. -Contagious, p.59 Continue reading Should you pay people, or give them an incentive to share the word or refer a friend?

Virality

Deciding the winner by popular vote encourages word of mouth

Chris Labs

Word of mouth can also come from the voting process. It encourages contestants to drum up support. But in telling people to vote for them, contestants also spread awareness about the product, brand or initiative sponsoring the contest. So next time you are wondering between two options, make a public vote where contestants deeply root for one option or the other. -Contagious, p.51 Continue reading Deciding the winner by popular vote encourages word of mouth

Virality

Talking about remarkable things provides social currency

Chris Labs

Remarkable things are defined as unusual, extraordinary, or worthy of notice or attention. Something can be remarkable because it is novel, surprinsing, extreme, or just plain interesting. But the most important aspect of remarkable things is that they are worthy of remark. Worthy of mention. Learning that a ball of glass will bounce higher than a ball of rubber is just so noteworthy that you have to mention it. -Contagious, p.39 Continue reading Talking about remarkable things provides social currency

Learnings

Virality is not born, it is made: Even everyday items can become viral

Chris Labs

It’s a common belief to think that exciting products have a better chance of becoming viral, it might be true. But it’s not a necessity. Back in the days, Blendtec was just starting and they did not have a big marketing budget. At the time, and still to this day, Blenders are not a very exciting topic. But what Blendtec did is put everyday items in the blender and blend them. Marble balls, golf balls, an iPhone, a Samurai sword, etc. They filmed the experiments and posted them on Youtube. In the first week the videos racked up 6 million … Continue reading Virality is not born, it is made: Even everyday items can become viral

Learnings

When sending stuff (to test or review) to people you should always send 2 of them

Chris Labs

…a few years ago, one company did something slightly different. It sent me two copies of the same book. Now, unless I’m mistaken, there’s no reason for me to read the second copy, once I’ve read the first. But these publishers had a different goal in mind. […] but they also mentioned that they sent a second copy so that I could pass it along to a colleague who might be interested. That’s how word of mouth helps with targeting. Rather than sending books to everyone, the publishers got me, and others, to do the targeting for them. Just like … Continue reading When sending stuff (to test or review) to people you should always send 2 of them

Learnings

The best way to train a sales team is to get them to listen to the testimonials of the people that they sold to last week

Chris Labs

By hearing how your product actually changed the customers’ life, your sales team will believe in what they are selling. They will know that it truly works and there is nothing more convincing than someone who truly believe in something. You can either trick yourself into having the right tone -Alex Hormozi on My First Million, Ep. 271 at 1h04mins Continue reading The best way to train a sales team is to get them to listen to the testimonials of the people that they sold to last week

Learnings

Case Study: Yeti Coolers Free Gift

Chris Labs

When you buy your product from Yeti (in this case, it was a Rambler bottle), there are no cards or indication that you should register your product. But when you go on the Yeti website, there is a tab called Product Registration. Here’s what it looked like as of Feb 28, 2022: By registering your product, they are offering you a free gift. I registered my bottle. Maybe 4 to 6 weeks later I received a basic brown envelop in the mail. Here’s what it looked like: Inside the envelop, there was this greeting card (shown below). And there was … Continue reading Case Study: Yeti Coolers Free Gift

Learnings

Marketing like everything else, is building a committed relationship. But most people see it more like a one-night stand.

Chris Labs

Smart entrepreneurs put their money into customer acquisition and building a long-term relationship with them. If a customer stays happy, they will continue to pay you money over a long time. This type of thinking doesn’t make sense if you only sell yoga mats, or one product of any kind. If you spend $30 to sell a $30 yoga mat, you’re not going to make much money. But if you have yoga blocks, towels, mats, teas, clothes, and meditation cushions, then you will happily spend $30 to acquire a $30 customer – because they eventually come back and buy more. … Continue reading Marketing like everything else, is building a committed relationship. But most people see it more like a one-night stand.

Learnings

What are you actually selling? And who’s your customer?

Chris Labs

It’s crucial to determine rightfully what’s the market you’re in and who’s the customer. E.g. James had launched blue-blocking glasses and it was a great success. Then the time came to launch more products. Well, James had bought into the belief that he was selling glasses, not helping people with sleep problems. He had focused on the product, not the person. He needed to discover that he was a sleep company, not a glasses company. -Ryan Daniel Moran, 12 Months to $1 Million, p.34 Continue reading What are you actually selling? And who’s your customer?